dakota with nearly all deposits coming from state tax revenues and fees. it is a $4 billion banquet laurent -- loan portfolio of $3 billion and generated a wrecking -- record $62 million, about half of which was transferred to the state's general fund and the rest leveraged into targeted lending. of the past few years, a bolster the fund by three under $50 million -- not bad for a total population of 670,000. their mission is to serve the interest of the people of north dakota. this is the overriding decision factor used to determine everything from business strategy to loan participation decisions. in my conversations with retired executives, board of advisor members and north dakota community bankers, serving the interest of the people of north dakota is frequently referenced as their guiding principle. the bank of north dakota takes the credit available to it from

the deposits in the bank and packages it into dozens of long programs which are the key to the success of the bank. it's a way for the bank to inject liquidity into specific sectors of the state economy, including high-tech start-ups, manufacturing expansion, and use of new agricultural technology. agriculture is the lowest segment of their loan portfolio. many of the loans start at 1% per annum. still loans are 4%. the bank requires for every $100,000 loan, a new full-time job is created by the loan recipients. the bank of north dakota has 160 employees and its offices a single building in bismarck. [tone]

it is a wholesale bank that works with a partnership of over 100 community banks brought north dakota. these community banks do the loan applicant qualification, credit checking and scoping of the deal. because the banks have scanned in the game and because it's the bank of north dakota that ensures the at hearings, the end result is a conservative loan profile. no banks have failed layover 12 years. their return on equity has been 26% and 19%. >> as elected representatives, it is up to you to put into place the structure needed to ensure a democratic economy free from many economic injustices clear from our private banking and financial system. the occupied movement is a witness to these very same unjust and exploitive system. establishing a minute to play on a bank with transparent and

solid governance is not an optional step on the path toward a democratic economy. it is necessary in order for the public's credit to be used in the public's interest. we are currently leaving that credit, our credit, on the table and the transnational wall street banks are using it to further their own private interests, often times funding companies overseas to compete with the very same taxpayers in this city whose state and local tax payments were deposited in these transnational banks. in conclusion, just as libraries cannot undermine the businesses of independent bookstores and just as open space does not devalue surrounding private property, a public bank like the bank of north dakota does not undermine the need for credit and lending services provided by the private sector. in fact, it makes for a healthier private banking system. i urge you to continue to demonstrate leadership in this

very important opportunity. supervisor avalos: thank you very much. are there any other speakers? seeing no one come forward, will close public comment. i would like to thank everyone for their participation. the stories, the different parts of the economy and from a personal level, happen to of the affected by the current banking system in san francisco and around the country, i was hoping this hearing would bring a final and to free, and regulated capitalism, but it did not quite at that goal. there is more work to do. -- unregulated capitalism. there are a lot of steps to get into the process of a municipal

bank, legal constraints to move through or imperatives -- impediments presented to us to move through. i do not see that as something happening overnight, but it's something i'm very interested in seeing that we can achieve. i appreciate all your work on this. i know we have a lot of great minds to help achieve something to that effect in the years to come hopefully not 70 years to come. there is a process the treasurer is going through, looking at inrfp. mr. kato is here from the treasury office -- i think to proceed, given the great about of interest that is here, treasurer at cisneros has said he would be meeting with some of the stakeholders in the next couple of weeks, maybe we can set up a meeting between my

office and your office and the stakeholders in the community to talk about the rfp process, if that is something you can commit to do? >> yes. i can be with anyone interested in this process. supervisor avalos: will come back for another meeting on the rfp process itself. when do you expect them to issue the rfp? >> in early 2012. supervisor avalos: so we have some time. i would like to thank the budget and legislative analyst for the report. thank you very much for your report. i believe we will be doing some ongoing work on this issue as well and if we can retain your services, that would be great. i would like to thank my colleagues for this hearing. we will roll up our sleeves and move forward. thank you very much.

>> the next time you take a muni bus or train, there could be new technology that could make it easier to get to your destination. many are taking a position of next bus technology now in use around the city. updated at regular intervals from the comfort of their home or workplace. next bus uses satellite technology and advanced computer modeling to track buses and trains, estimating are bought stocks with a high degree of accuracy. the bus and train our arrival information can be accessed from your computer and even on your cellular phone or personal digital assistant. knowing their arrival time of the bus allows riders the choice of waiting for it or perhaps doing some shopping locally or getting a cup of coffee.

it also gives a greater sense that they can count on you to get to their destination on time. the next bus our arrival information is also transmitted to bus shelters around the city equipped with the next bus sign. riders are updated strictly about arrival times. to make this information available, muni has tested push to talk buttons at trial shelters. rider when pushes the button, the text is displayed -- when a rider pushes the button. >> the success of these tests led to the expansion of the program to all stations on the light rail and is part of the new shelter contract, push to talk will be installed. check out the new technology making your right easier every

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